Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting ??? Significant Expense Disclosure

v3.25.1
Segment Reporting – Significant Expense Disclosure
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting – Significant Expense Disclosure

 

2. Segment Reporting – Significant Expense Disclosure

 

Our CODM, the Acting Principal Financial Officer, manages our business activities as a single operating and reportable segment at the entity level. The information in our financial statements along with the quarterly forecasts and weekly disbursements are some of the regularly provided financial information our CODM receives. Accordingly, our CODM uses net loss to measure segment profit or loss, allocate resources and assess performance. In accordance with ASU 2023-07, the following significant expense categories have been identified based on the information regularly reviewed when assessing performance and allocating resources:

 

1. Research and development costs – Includes research and development personnel-related costs, non-clinical and clinical product development expenses, and allocation of facility and corporate costs. Activities related to our development grants ceased in 2023, therefore, no research and development costs were incurred for 2024.

 

2. General and administrative: Salaries and employee compensation and benefits – Through the second quarter of 2024, salaries and related employee compensation and benefit costs represented a significant portion of our expenses. However, as June 30, 2024, all employees were terminated, and no further salary-related expenses were incurred for the remainder of the fiscal year.

 

3. General and administrative: Professional fees – Primarily consists of legal fees related to corporate governance and regulatory compliance, accounting and audit fees associated with financial reporting and compliance with SEC requirements and consulting fees paid to certain contractors.

 

4. General and administrative: Insurance expenses – Includes general liability, directors and officers (D&O) insurance, and other business-related coverage.

 

5. General and administrative: Board of directors’ fees – Paid to directors for their service on the board and its committees.

 

Amounts incurred for the above-identified expenses for the years ended December 31, 2024 and 2023 were as follows:

 

               
(in thousands of U.S. dollars)   2024     2023  
Research and development costs   $ -     $ 1,913  
General and Administrative: Salaries and employee compensation and benefits     1,505       2,709  
General and Administrative: Professional fees     1,628       1,538  
General and Administrative: Insurance expenses     485       580  
General and Administrative: Board of directors’ fees     457       476  
Total   $ 4,075     $ 7,216